Brazil Leads Adoption of Decentralized Finance in Latin America, According to MetaMask Data

SAO PAULO – MetaMask, one of the largest non-custodial cryptocurrency portfolios announced this Tuesday (31) that it has reached the mark of 10 million monthly active users, with Brazil being one of the countries that most use the platform.

According to a survey released by ConsenSys, a company that works with blockchain technology and founded by Ethereum co-creator Joseph Lubin, Brazil is currently the country with the largest number of portfolio users in Latin America and the eighth in the world.

This Brazilian movement coincides with a strong growth of MetaMask in the world. In one year, the portfolio has multiplied its number of users by 19 times, going from 545,080 to 10,354,279 in July of this year.

The growth is driven by a scenario of strong development of the Ethereum network, but mainly the greater adoption of the Decentralized Finance (DeFi) ecosystem.

DeFi are applications based on the idea of ​​smart contracts, being a still new form of finance that does not depend on intermediaries such as brokers or banks. In this system, today the Ethereum network is the most used, but it is not the only one.

In 2019, according to ConsenSys, there were around US$ 2 billion in cryptographic assets in DeFi, and today this ecosystem has a value of more than US$ 80 billion, with MetaMask being one of the main user accesses and this market .

Currently, the 15 countries that most use the portfolio are, in order: Philippines, United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada and Spain.

As a result, Asia is consolidated as the number one region in terms of user growth, followed by Europe and North America. Brazil appears in eighth in the list of countries, with more than 140,000 monthly active users, leaving behind in Latin America Venezuela and Argentina, which are in second and third places in the region, respectively.

The DeFi market has seen very strong growth in recent months, especially after the Covid-19 crisis broke out, as its ideal helps to remove many of the barriers imposed by the world of traditional finance.

With DeFi, people from anywhere in the world can access the world of finance without geographic problems, bureaucracy, middlemen or high fees. Because of this, countries with economic crises and regions of greater poverty end up registering a large increase in the use of this new finance network.

Despite being called a non-custodial wallet – that the user controls their private keys, without the intermediary of an exchange -, MetaMask has a broader function, allowing users to transfer digital tokens, offer and take out loans, buy NFTs, among other activities.

Created in 2016, the portfolio has been widely used for those who want to enter the world of decentralized finance in Ethereum. The launch of the mobile version at the end of 2020 has become a strong catalyst for users from countries like the Philippines, Vietnam, China, India, Indonesia, Thailand and Brazil to also enter this market more easily.

“MetaMask has defined a new type of cryptocurrency wallet, where users interact not only with coins, but with diverse decentralized applications, and we are constantly making these new types of applications more secure and accessible to a wider audience,” says Dan Finlay , co-founder of MetaMask.

Ethereum accumulates a 365% increase in 2021, currently quoted at around US$ 3,416, a performance well above that of Bitcoin, for example, which advances 62% in the year.

And among the DeFi market tokens, some of the best known are Uniswap (UNI), Chainlink (LINK), Aave (AAVE), PancakeSwap (CAKE3), among others, with valuations mostly above 100% this year, arriving up to 5,200%.

Invest in the most affordable cryptocurrency funds on the market: open a free XP account!